8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

January 20, 2005

(Date of Report—Date of Earliest Event Reported)

D.R. Horton, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-14122	75-2386963
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

D.R. Horton Tower, 301 Commerce Street, Suite 500,
Fort Worth, Texas 76102
(Address of Principal Executive Offices)

(817) 390-8200
(Registrant’s Telephone Number, Including Area Code)

1901 Ascension Boulevard, Suite 100, Arlington, Texas 76006
(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
Press Release

Item 2.02. Results of Operations and Financial Condition.

     On January 20, 2005, D.R. Horton, Inc. issued a press release announcing its net income and related information for the first quarter ended December 31, 2004. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.

     The information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits:

99.1 Press Release dated January 20, 2005 related to the Company’s net income and related information for the first quarter ended December 31, 2004.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 20, 2005

D. R. Horton, Inc.
By:	/s/ Bill W. Wheat
	Bill W. Wheat
	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Exhibit
99.1	Press Release dated January 20, 2005 (filed with this report).

EX-99.1

Exhibit 99.1

          Stacey Dwyer, EVP
301 Commerce Street, Ste. 500, Fort Worth, Texas 76102
817-856-8200
January 20, 2005

D.R. HORTON, INC. REPORTS A 30% INCREASE IN FISCAL YEAR 2005 FIRST QUARTER NET INCOME

Quarter Highlights

•   Sales contract backlog increased 34% to $4.8 billion (17,405 homes)

•   Net sales orders increased 31% to $2.7 billion (9,901 homes)

•   Net income increased 30% to $241.0 million

•   Diluted earnings per share increased 29% to $1.01 per share

•   Consolidated revenue increased 14% to $2.5 billion

•   Gross margin on homebuilding revenue improved 250 basis points to 25.3%

•   Stockholders’ equity increased 30% to $4.2 billion

     FORT WORTH, TEXAS — D.R. Horton, Inc. (NYSE:DHI) Thursday (January 20, 2005), reported that net income for the first fiscal quarter ended December 31, 2004 increased 30% to $241.0 million ($1.01 per diluted share), compared to $185.6 million ($0.78 per diluted share) for the quarter ended December 31, 2003. First quarter consolidated revenue increased 14% to $2.5 billion from $2.2 billion in the year ago quarter. Homes closed for the first quarter increased 5% to 9,680 homes from 9,242 homes a year ago.

     The Company reported a record December 31, 2004 sales contract backlog of $4.8 billion (17,405 homes), an increase of 34% from $3.6 billion (14,480 homes) a year ago. As previously reported, net sales orders for the quarter increased 31% to $2.7 billion (9,901 homes) from $2.0 billion (8,234 homes) for the same quarter last year.

     The Company expects diluted earnings per share for the quarter ended March 31, 2005 to be in the range of $1.00 to $1.05 (assuming approximately 237.8 million diluted shares). The Company is raising its guidance for fiscal year 2005 to be in the range of $4.75 to $4.90 (assuming approximately 238 million diluted shares). This range represents a 16% to 19% increase in earnings per share over the $4.11

reported in fiscal year 2004, and is based on projected consolidated revenues of more than $12.5 billion (approximately 50,000 homes closed).

     D.R. Horton’s earnings release conference call will be Thursday, January 20, 2005 at 10:00 a.m. EST. The dial-in number is 800-374-9096, and the call will also be webcast from www.DRHORTON.com on the “Investor Relations” page.

     Donald R. Horton, Chairman of the Board, said, “We are extremely pleased with the Company’s first quarter performance, where once again we grew our net income at a faster pace than our revenues. The Company’s continued double-digit sales momentum combined with our record $4.8 billion backlog, provide a solid foundation for achieving our 28^th consecutive year of record revenues and earnings in fiscal year 2005.”

     As of Monday, January 24, 2005, D.R. Horton’s corporate headquarters will be located at 301 Commerce Street, Suite 500, Fort Worth, Texas 76102. The Company’s new telephone number will be 817-390-8200.

     D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States, delivering more than 43,000 homes in its fiscal year ended September 30, 2004. Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include 63 markets in 21 states in the Midwest, Mid-Atlantic, Southeast, Southwest and Western regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $80,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.

     Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release relate to (i) the Company’s expectation of diluted earnings per share for the quarter ended March 31, 2005 to be in the range of $1.00 to $1.05, (ii) the Company’s expectation of

diluted earnings per share for the 2005 fiscal year to be in the range of $4.75 to $4.90 based on projected consolidated revenues of more than $12.5 billion (approximately 50,000 homes closed), and (iii) the Company achieving its 28^th consecutive year of record revenues and earnings in fiscal year 2005. Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: changes in general economic, real estate and business conditions; changes in interest rates and the availability of mortgage financing; warranty and product liability claims; our substantial debt; governmental regulations and environmental matters; competitive conditions within the industry; the availability of capital to the Company on favorable terms; a change in the Company’s capital structure; the Company’s ability to integrate acquisitions and successfully effect the cost savings, operating efficiencies and revenue enhancements that are believed available and otherwise to successfully effect its other growth strategies. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and most recent quarterly reports on Form 10-Q, which are filed with the Securities and Exchange Commission.

www.DRHORTON.com

D.R. HORTON, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

		Three months ended
		December 31,
		2003			2004
	(In millions, except per share amounts)
Homebuilding:
Revenues
Home sales		$	2,134.6		$	2,449.1
Land/lot sales			29.0			25.0
			2,163.6			2,474.1
Cost of sales
Home sales			1,654.3			1,831.5
Land/lot sales			16.0			15.6
			1,670.3			1,847.1
Gross profit
Home sales			480.3			617.6
Land/lot sales			13.0			9.4
			493.3			627.0
Selling, general and administrative expense			212.5			257.7
Interest expense			0.3			—
Other (income)			(2.6	)		(4.9	)
Operating income from homebuilding			283.1			374.2
Financial services:
Revenues			40.9			46.0
Selling, general and administrative expense			25.5			32.7
Interest expense			1.2			2.4
Other (income)			(4.5	)		(6.7	)
Operating income from financial services			18.7			17.6
Income before income taxes			301.8			391.8
Provision for income taxes			116.2			150.8
Net income		$	185.6		$	241.0
Amounts per share — Basic:
Net Income		$	0.80		$	1.03
Weighted average number of shares			232.3			233.5
Amounts per share — Diluted:
Net Income		$	0.78		$	1.01
Weighted average number of shares			236.7			237.8
Other Consolidated Financial Data
Interest amortized to home and land/lot cost of sales		$	52.7		$	42.9
Depreciation and amortization		$	11.5		$	14.0
Interest incurred		$	56.2		$	60.9

D.R. HORTON, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)

	As of
	December 31, 2004
	($'s in millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	313.1
Inventories
Finished homes and construction in progress		3,142.1
Residential lots — developed and under development		4,110.7
Land held for development		6.3
Consolidated land inventory not owned		234.2
		7,493.3
Property and equipment (net)		92.2
Other assets		612.8
Excess of cost over net assets acquired (net)		578.9
		9,090.3
Financial services:
Cash and cash equivalents		43.9
Mortgage loans held for sale		533.6
Other assets		30.9
		608.4
	$	9,698.7
LIABILITIES
Homebuilding:
Accounts payable	$	406.1
Accrued and other liabilities		917.5
Liabilities associated with consolidated land inventory not owned		37.3
Notes payable		3,526.3
		4,887.2
Financial services:
Accounts payable and other liabilities		13.2
Notes payable		400.5
		413.7
		5,300.9
Minority interests		207.7
STOCKHOLDERS’ EQUITY
Common stock		2.4
Additional capital		1,607.1
Retained earnings		2,639.5
Treasury stock (at cost)		(58.9	)
		4,190.1
	$	9,698.7

D.R. HORTON, INC.
($’s in millions)

	NET SALES ORDERS
	Three Months Ended December 31,
	2003				2004
	Units		$'s		Units		$'s
Mid-Atlantic		715	$	166.7		1,037	$	276.9
Midwest		411		125.2		429		124.8
Southeast		1,173		251.6		1,759		410.6
Southwest		3,280		554.8		3,938		738.8
West		2,655		935.4		2,738		1,104.6
		8,234	$	2,033.7		9,901	$	2,655.7

	HOMES CLOSED
	Three Months Ended December 31,
	2003				2004
	Units		$'s		Units		$'s
Mid-Atlantic		842	$	181.5		833	$	208.6
Midwest		444		119.3		419		111.5
Southeast		1,121		217.4		1,394		306.2
Southwest		3,941		641.5		4,104		705.0
West		2,894		974.9		2,930		1,117.8
		9,242	$	2,134.6		9,680	$	2,449.1

	SALES CONTRACT BACKLOG
	As of December 31,
	2003				2004
	Units		$'s		Units		$'s
Mid-Atlantic		1,475	$	356.1		1,944	$	560.5
Midwest		948		284.8		871		283.1
Southeast		1,875		398.3		3,352		802.9
Southwest		6,015		1,034.2		6,466		1,229.1
West		4,167		1,479.1		4,772		1,899.6
		14,480	$	3,552.5		17,405	$	4,775.2